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The key difference between the law of diminishing returns and decreasing returns to scale is that the. former is in the short run, where at least one factor of production is ï¬xed, whilst the latter is in the long. run, where all factors of production/ inputs can be varied. As seen on the diagram below, long run.
The law of diminishing returns only applies in cases where there is at least one fixed factor of production In the short run, total product begins to decrease at the point where the